1) What do you need to do it (the actual tweaking)? A normal screwdriver or something different?
I havent seen the one on the wii but with the ps2 a precision driver worked for me.
2) Could you do it without a multimeter (like just moving it down a bit)? If so, how many rotations would you have to turn it?
Definitely do it with a MM, record where you start and take it down slowly, do not just turn randomly.
3) Would doing this wear down the laser faster over time?
Without getting all technical, it wont make much of a difference if the change was small, but if you do it too much then yes.
4) This is a really dumb question, and I think the answer is no, but would making it stronger cause damage to the disc in any way?
you could burn out the laser if you give it too much, but damage to the disc is unlikely.
Also do not look at the laser light with your eyes.
My current systems :)
V12 DMS4 Lite with summ0ne fix
Xbox 1.6 - Xecuter 3 w 300GB HDD
Xbox 360 - Sammy Drive with ixtrem 1.2
Wii Rev 1.0 - Authentic Wiikey
Be sure to use the summ0ne fix on your v12 !
http://www.cellexmods.com/v12install/Picture21.jpg